Supply and Demand
This market has a lot of buyers and sellers, the market price is well-known, and the good being sold is standardized.
What is perfectly competitive?
The most common way to measure a country's production.
What is GDP?
He came up with the kind of "efficiency" where you can't increase one person's well-being without reducing someone else's.
Who is Vilfredo Pareto?
The neutrality of money.
What is that in the long run, changes in the quantity of money have no effect on real values in the economy?
This reduced pollutant emissions by almost 78%.
What is the Clean Air Act?
Van Gogh paintings have this elasticity of supply.
What is Perfectly Inelastic? (elasticity=0)
Long-lived goods that are used to produce other goods and services.
What are capital goods?
The General Theory of Employment, Interest, and Money was written by this person.
Who is John Maynard Keynes?
What is money with no intrinsic value?
Transportation is this kind of demand.
What is a derived demand?
This kind of market definition leads to a low elasticity of demand.
What is broad?
The relationship between real and nominal GDP.
The Coase Theorem.
What is if parties can communicate, they will resolve externalities between them efficiently no matter the original property rights.
The Velocity of money.
V = (P × Y)/M
People with a lower elasticity of demand are charged more, and vice-versa.
What is Ramsey Pricing?
Jones is willing to sell his Mountain Dew for 150 dollars a can. This is Steve's consumer surplus if he is willing to pay 100 dollars for one of Jones's Mountain Dew cans.
Something that's in M2 but not M1. (bonus if you get both)
What are Small Denomination Time Deposits or Retail Money Funds?
Okun's Law.
What is a 1% change in cyclical unemployment leads to a 2% change in the output gap?
What is the amount of money the banking sector creates from each dollar of reserves?
It calculates a project's worth or cost for its entire life cycle.
What is Net Present Value?
It has this formula.
∆P/∆Q = e
What is a linear demand curve?
The aggregate production and price level are determined by this.
What is the intersection of the Aggregate Demand and Aggregate Short-run Supply curves?
Elon Musk is going to have this many Starlink satellites.
What is 12,000?
US GDP in 2019.
What is 21 trillion dollars?
The rule of half assumes this.
What is a linear demand function between the before and after demand points?